Indian companies are taking center stage in Complex Generics at US and EU markets

UNIFORM CODE ON SALES AND MARKETING PRACTICES IN INDIA: THE GROUND REALITY & THE IMPLICATIONSNothing Much Has Changed on the Ground Following the Issue of the Guidelines

More Sophisticated Ways of Bribing Invented Different Companies Respond Differently in ‘Tackling’ the Guidelines Gifting Policy Changed Gifting Policy Changed

If Enforced Effectively – Uniform Codes Can Bring Signicant Changes on the Ground‘Lack of Will’ and ‘Cut-Throat Competition’ are Bottlenecks in Implementing Ethical Practices

Drug Sampling Policies– Most Improved

‘Uniform Codes’ Were Not Relayed Properly to the Field Force Strong Enforcement of Guidelines May Hamper Revenues In Beginning, But Will Balanced Out In Long Run:

Doctors Become More Cautious In Dealing With Pharma Companies Following MCI And DOP Guidelines, Yet A Mutual Understating With Pharma Cos ‘Matures’ and Finds Ways To ‘Reciprocate’ Business:

Table 1: Domestic Sales As Percent Of Total SalesTable 2: Alleged Nexus Among Doctors & Pharma Cos: Complain Vs. Action TrendTable 3: Uniform Code For Marketing Practices – Deliberations Vs. Ground RealityTable 4: Various Promotional Ways To Incur As Expenses By Pharma Companies

Other Notable Developments in Indian PharmaISSUANCE OF WARNING LETTERS TO INDIAN FACILITIES BY USFDA: NOT A CONCERN

Table 5: India Pharma: Fda Warning Letter Review 2010-2013

BIOSIMILAR PERSPECTIVE FOR INDIAN MARKET

Table 6: Approved Biosimilars In IndiaTable 7: Select Biosimilars Collaborations Till Date

Indian ‘Similar Biologics’ Guideline: Overview

DRUG DISCOVERY DEVELOPMENT IN INDIATable 8: NCE-MAB PIPELINE INDIAN COMPANIES

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OUTLOOK 2014: Table of Contents: India Pharma / 1

Table Of Contents: India Pharma

GLOBAL PHARMACEUTICAL AND BIOTECHNOLOGYOUTLOOK 2014

TABLE OF CONTENTS: INDIA PHARMA

Total Pages: 66 Price: $2500

SUN PHARMA - Strong Management Team – Absolute and Comparative AdvantageKey Thesis

Domestic market – balanced portfolio, sustainable baseTable 1: Chronic Disease Focused Portfolio Leadership in Domestic Oncology Market is

Likely to be Maintained Overseas Market Business – Solid Fundamentals Promise Future Growth

Table 2: Year Wise Approvals In The Us Derma – A protable Segment with High entry barrier

Table 3: Therapy Wise Approvals In The Us A Decent Base in Europe Beyond Generics - Investing in Innovation

• Improving Generics• True Innovation

Annexure 1: History Of Creating Value Through Executing Value Assets

CIPLA: Major Change in Business Model Key Thesis

Changing Leaderships, Changing Business Philosophies: Only Time will Unfold the Outcome Acquisition of Medpro – A Signal Indicating Change in the Global Business Strategy Domestic market Business

Table 1: Respiratory CoverageSolid Base to Enter ‘Front-End’ Marketing In Overseas Markets

• Capabilities in the Respiratory AreaTable 2: Strong Manufacturing To Cater To Global MarketsTable 3:Wide Technology Platform Base Initiatives to Bring Value to the Society Continue

• Accelerated Efforts in HIV/AIDS Field• Cancer Palliative Care & Training Center • alliance with ‘Drugs for Neglected Diseases initiative

Annexure 1: Cipla Business Summary

DR REDDY’S LAB - Focus on Complex Formulation and Biogenerics to Intensify Key Thesis

Products continue to contribute US business: Products expected to drive growth in future: Russia/CIS – Momentum Continues

Table 1: Leadership Products In RussiaTable 2: Growth Of Otc Sales In RussiaDomestic Formulations Table 3: Growth Of Otc Sales In Russia

Annexure 1: Indian Inc- Dependence On Domestic Sales

IPCA Laboratories- Fine Chemicals to Formulation – Global Leadership in Select Products Key Thesis Research and Development Domestic Formulations – Steady Growth Anti Malarial Tender Business – Strong Outlook Export – Formulation WHO Prequalied Anti Malarial Producers



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IPCA Laboratories- Fine Chemicals to Formulation – Global Leadership in Select Products Key Thesis Research and Development Domestic Formulations – Steady Growth Anti Malarial Tender Business – Strong Outlook Export – Formulation WHO Prequalied Anti Malarial Producers

Lupin Pharma - US and Japan Generic Business – Key for Long Term Growth Key Thesis Japan – Supplies from India to Improve Margins Domestic – Disappointed Branded business Upcoming FTF Opportunities Generic Business – Key Highlights R&D Investments

Natco Pharma - Leveraging Chemistry, Formulation and IP Strengths – For US and India markets Key Thesis Domestic Formulations – Oncology Focused Portfolio API Exports NCE Pipeline Key Oncology drugs in Domestic Market To Add Value In coming Years Export Formulation

Shasun Chemicals & Drugs Limited - On Path to become a Fully integrated Pharma Company Key Thesis CRAMS business Biotechnology and Nanotechnology New facility in Development Shasun Pharma Solutions Limited, UK

Shilpa Medicare - A Leader in Oncology API, Expanding into Non-Onco, Peptides and Complex Formulations Key Thesis Oncology API in Pipeline Anti-retro viral, low margin business, competitive but sustains the cash ow Non-Oncology APIs Under Development Manufacturing Facilities Research and Development Acquisitions so far

Biocon – Biocon Sits Comfortable with its Near & Long Term Contributory Products Key Thesis Near term growth drivers Long term growth drivers Branded Formulations and Contract Research Services Growing Robustly World's rst trastuzumab biosimilar (Canmab) from BIOS R&D Partnership Update in Fy13 Review of NCE Pipeline from BIOS Evertor (Everolimus)-No competition yet in India Insulin Business Update




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Cadila Healthcare Ltd: One NCE launched and few in waiting, Bio-similars,Transdermal and Complex Generics launches thru 2016– Eventful Time Ahead Key Thesis Long term Outlook visible US business expected to grow Additional new products will revive JV business prospects in the near term US approval of Two Transdermal products Complex generics other than the transdermal opportunities Mesalamine Franchise –– A low competition opportunity for CDH Novel dual PPAR agonist: Saroglitazar outlook Notable NCE/NBE Pipeline review including Biosimilar

Glenmark: Complex Generics and NDDS (Transdermal) will Show Signicant Growth Key Thesis Business Segments Review Indian Market Position and US and RoW Business review Glenmark Research Capabilities R&D Pipeline Update

Panacea Biotec Ltd: Financial Trouble mounting, Acceptance of WHO pre-qualication and Formulation Business will revive the company

Key Thesis Panacea has the ability to revive Business segments review: India and International Business Strategic Alliances Research Capabilities Formulation Platform Technologies Developed Manufacturing Facilities- Regulatory Approval WHO and UNICEF Vaccine Business Update




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